Calculator · Compare two loan offers on total repayment rather than headline rate.
Total cost of borrowing calculator
Enter two offers — amount, fee, rate and term for each — and compare them on total repayment rather than the headline rate.
Run the numbers
The cheaper total is not always the right answer: a payment that fits your budget matters too. What this shows is what the extra convenience costs you.
How this works
Why the rate is not the answer
A rate is a small number that is easy to advertise. What you pay is the total of every payment plus every fee. Two offers at the same rate are not the same offer if one carries an origination fee or a longer term, and the difference is often hundreds of dollars.
What belongs in the comparison
- Interest over the whole term, not the first year.
- Origination, administration and broker fees.
- Charges required to obtain the loan, such as an appraisal or registration fee.
- Prepayment penalties, which affect the value of paying early.
What does not belong
Optional insurance is not part of the loan, but it is part of what you pay. Keep it visible on the same page as the comparison so it cannot hide.
The question to ask each lender
Ask for the total cost of borrowing in writing. In Canada that disclosure is a regulatory requirement, which means the number should be available on request and comparable between offers.
Questions
Which figure should I compare?
Total repayment, including every required fee. That is the number that tells you what the loan costs, and it is the number lenders must disclose.
Is a lower payment always better?
No. A lower payment usually means a longer term, which means more interest. Compare the total while keeping the payment inside your budget.
Should I include insurance in the comparison?
Include it so you can see the full cost, but treat it separately because it is not part of the loan itself and may be available more cheaply elsewhere.
Compare loan options
We match, we do not lend. No amount, term or rate is promised on this page — the calculator only models the numbers you entered.
LoanGoose is a loan matching and comparison service, not a lender. We do not make loans, set rates or make credit decisions. We may earn a commission when you click or apply through our links. The lowest rates are only available to the most qualified applicants.
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Lending rules and benchmark rates
The sourced rules these calculators assume.
Sources
- Financial Consumer Agency of Canada — debt and borrowing —
- Payday Lending Regulations, SOR/2024-114 —
- OSFI Guideline B-20 —
Every figure on this page is attributed to the publisher above. Where a value could not be verified against the publisher's own publication, it is left out rather than estimated.